Prentiss County Electric Power Assn
- Assets
- $55.0m
- Revenue
- $41.8m
- Investments
- $0.0
- Employees
- 41
- Location
- Booneville, MS
- Founding
- 04/1937
- Data as of
- 06/2024
- EIN
- 64-0225540
Organization Overview
Prentiss County Electric Power Assn is located in Booneville, MS. The organization was established in 1937. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 06/2024, Prentiss County Electric Power Assn employed 41 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Prentiss County Electric Power Assn is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 06/2024, Prentiss County Electric Power Assn generated $41.8m in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 8.7% each year. All expenses for the organization totaled $41.6m during the year ending 06/2024. While expenses have increased by 10.2% per year over the past 3 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING RETAIL SALE OF ELECTRICITY AND FIBER INTERNET SERVICE AND THE OPERATING AND MAINTAINING OF THE SYSTEM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
POWER PURCHASES
SALARIES AND WAGES CHARGED DIRECTLY TO EXPENSE
DEPRECIATION ON BUILDINGS EQUIPMENT AND ELECTRICAL PLANT FOR THE YEAR
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dwain Brown President | OfficerTrustee | 1 | $2,000 |
Lane Smith Vice President | OfficerTrustee | 1 | $2,200 |
Janis Burns Secretary Treasurer | OfficerTrustee | 1 | $2,200 |
Danny Bishop Board Member | Trustee | 1 | $1,800 |
Bill Caver Board Member | Trustee | 1 | $2,200 |
Kay Crow Board Member | Trustee | 1 | $1,200 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
2c Constructionllc Right Of Way Trimming | 6/29/24 | $3,319,503 |
K B Communications Llc Fiber Installation | 6/29/24 | $669,679 |
Best Choice Lawn Care Brush Cutting Right Of Way | 6/29/24 | $525,395 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $40,363,207 |
| Investment income | $312,949 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,156,848 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $41,833,004 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $399,984 |
| Compensation of current officers, directors, key employees. | $399,984 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,637,871 |
| Pension plan accruals and contributions | $498,812 |
| Other employee benefits | $385,564 |
| Payroll taxes | $261,602 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,800 |
| Fees for services: Accounting | $31,350 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,219 |
| Office expenses | $136,084 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $34,345 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $353,980 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,764,100 |
| Insurance | $0 |
| All other expenses | $6,448,022 |
| Total functional expenses | $41,636,753 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,500 |
| Savings and temporary cash investments | $3,965,824 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,341,031 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $883,670 |
| Prepaid expenses and deferred charges | $6,790,467 |
| Net Land, buildings, and equipment | $38,115,681 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $900,751 |
| Total assets | $54,998,924 |
| Accounts payable and accrued expenses | $5,384,456 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $8,448,184 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,604,939 |
| Total liabilities | $18,437,579 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $797,521 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $35,763,824 |
| Total liabilities and net assets/fund balances | $54,998,924 |